Enjin Coin began with the present day’s trade on a huge bullish note and surged by more than 8% to test the initial resistance at $1.66. However, the price experienced a pullback yet appears to have managed to stand strong above $1.62. The price is currently igniting a flip to re-install a bullish trend towards the same levels.
After a huge spike and a minor correction, the ENJ price displayed the possibility of a notable uptrend which may not only rise above $1.66 but may test $1.7 levels too. Currently, due to exhaustion the pace may have been lowered but could intensify as the daily close approaches ahead.
Additional Read: Decentraland MANA vs Enjin Coin
The ENJ price seemed to be extremely bullish with the beginning of the present month’s trade. However, the asset witnessed a steep drop within the first few days of March. Further, the asset underwent huge parabolic recovery after bottoming hard at around $1.3. Currently, the asset yet again faced rejection at the pivotal resistance. But very soon the asset could continue with the uptrend to surpass these levels.
Short-Term | The asset after a small pullback may rebound, but due to lowered pace, the asset may undergo a calculated uptrend |
Mid-Term | The buying volume is accumulating very hard and hence a significant uptrend may continue ahead |
Long-Term | The ENJ price attempted a larger flip from the bearish trend, but still needs to validate by surpassing the immediate resistance |
Technical Indicators
Technical Indicators | Value(1Hr / 1D) | Action (1Hr / 1D) |
Relative Strength Index(RSI) | 65.90 / 60.68 | Buy / Buy |
MACD(12,26) | 0.038 / -0.012 | Buy / Sell |
Average Directional Index(ADX) | 34.74 / 29.09 | Neutral / Buy |
Bull-Bear Power | 0.051 / 0.283 | Buy / Buy |
Pivot Levels
Pivot Levels | Short-Term | Long-term |
Moving Average(MA)-50 | $1.152 | $1.578 |
Moving Average(MA)-200 | $1.449 | $2.139 |
Resistance | $1.664 | $2.131 |
Support | $1.522 | $1.22 |
Oscillators
Oscillators | Short-Term | Long-Term |
Stochastic Oscillator | 66.25 | 54.69 |
Ultimate Oscillator | 45.42 | 57.44 |
Average True Range(ATR) | 0.0306 | 0.0892 |
CCI | 58.22 | 194.07 |
The ENJ price in the short-term is extremely bullish while many indicators are pointing towards a huge ‘BUY’ signal. While RSI and CCI are extremely bullish, MACD also displays a mounting buying volume. However, the volatility rate is pretty high and the only indicator displaying a bearish trend is the Ultimate Oscillator which may indicate a beginning of a new bearish trend ahead.
On the other hand, the long-term forecast is somewhat bearish too. But some indicators showcase a possibility of a pullback. Like the MACD as selling volume mounts, the Stochastic Oscillator is neutral. However, the asset is less volatile in HTF and hence a steady and stable rally towards the north may be expected.
Additional Read: Daily Crypto News 24 March, 2022
Source: Tradingview
Source: Tradingview
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